Aon Corp. reported a 1% increase in second-quarter earnings from a year earlier, to $193 million, or 57 cents a share. Slow growth elsewhere countered a strong performance in North America, the Chicago insurance broker said Friday.
Excluding previously announced restructuring charges, the company posted adjusted earnings of 61 cents a share, beating the average estimate of analysts polled by Thomson First Call by a penny.
Revenue at Aon, the second-largest U.S. insurance brokerage firm, behind Marsh & McLennan Cos., rose 5%, to $2.27 billion, but Wall Street had expected revenue of $2.59 billion.
Brokerage commissions and fees increased 3%, to $1.66 billion. Revenue in Aon's consulting business declined 2%, to $309 million, and earnings in that business fell 21%, to $23 million.
Insurance underwriting revenue rose 9%, to $556 million. Investment income rose 54%, to $86 million, and total expenses increased 5%, to $1.99 billion.
